Ohio provides numerous attractions and advantages for its residents, including sports teams, cultural venues, natural parks, and amicable locals.
However, the affordability of cities in Ohio varies. Certain places boast lower costs of living, making them particularly enticing for those seeking to save money while enjoying a high quality of life.
In this article, we will unveil the city that has been recognized as the most economical place to live in Ohio and explore what makes it so appealing.
The Cheapest Place to Live in Ohio
According to a recent HomeSnacks report, New Franklin is identified as the most affordable place to live in Ohio for the year 2023.
New Franklin, a small city in the northeastern part of the state near Akron, has a population of approximately 14,000 people. It boasts a low cost of living index of 77, making it 23% cheaper than the national average and 15% cheaper than the state average.
The median home value in New Franklin is $143,900, which is 22% lower than the national median and 12% lower than the state median.
With a median household income of $66,667, slightly surpassing the national median and 15% higher than the state median, residents of New Franklin enjoy greater disposable income, enabling them to afford a wider range of goods and services.
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What Makes New Franklin a Great Place to Live?
In addition to being budget-friendly, New Franklin offers several other benefits for its residents. The city boasts a low crime rate, registering only 1,311 crimes per 100,000 people. This is 50% below the national average and 40% lower than the state average.
Moreover, New Franklin demonstrates a commendable graduation rate, with 93% of students successfully completing high school. This figure is 11% higher than the national average and 9% above the state average.
Residents of New Franklin also have access to a range of amenities and attractions, including parks, lakes, golf courses, restaurants, and shops.
Notable places to explore in the area include Portage Lakes State Park, Turkeyfoot Golf Course, and the New Franklin Historical Society Museum.
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What Are Some Other Affordable Cities in Ohio?
Numerous budget-friendly cities exist in Ohio, catering to diverse preferences and financial considerations. As per HomeSnacks, a platform specializing in data analysis for various aspects of living, the most economical city to reside in Ohio for 2023 is New Franklin. Additional affordable cities in Ohio include:
- Ashtabula boasts a home price-to-income ratio of 2.52.
- Niles follows closely with a home price-to-income ratio of 2.24.
- Youngstown exhibits a home price-to-income ratio of 1.55.
- Movoto ranks Pickerington as the most affordable city.
- Heath secures the second spot as the most affordable city by Movoto.
- Movoto positions Pataskala as the third most affordable city.
- Springfield features a median home price of $112,000.
- Lorain’s median home price stands at $124,000.
- Akron’s median home price is $124,975.
- Sandusky displays a home price-to-income ratio of 2.26.
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Conclusion
Ohio offers a plethora of attractions and advantages for its residents, including sports teams, cultural venues, natural parks, and friendly locals. However, not all cities in Ohio are equally budget-friendly.
Certain places boast lower costs of living, making them more appealing to those seeking to save money while enjoying a high quality of life.
In this article, we’ve uncovered the city that has been recognized as the most affordable place to live in Ohio and explored the reasons behind its appeal.
According to HomeSnacks, New Franklin holds the title of the most economical place to live in Ohio. It boasts a low cost of living, a high median income, a low crime rate, a high graduation rate, and a multitude of amenities and attractions.
This makes it an excellent choice for individuals looking to save money without compromising their quality of life. We’ve also highlighted several other affordable cities in Ohio, catering to various budgets and preferences.
